In response to the devastating effects that COVID-19 is having on the local economy, the County of Los Angeles and the City of Los Angeles, in partnership with institutional and corporate philanthropies, have joined to create the LA Regional COVID-19 Recovery Fund.
While there are a variety of federal programs designed to address the crisis, they have limitations that leave many Angelenos in need. Financial, technical, and cultural barriers have kept many individuals and organizations from accessing federal programs like the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. The LA Regional COVID-19 Recovery fund seeks to address these issues by providing additional support to underserved communities throughout the county.
To that end, the fund will deploy $3 million in $5,000 grants to micro-entrepreneurs and grants of $15,000 to small businesses and nonprofits operating in Los Angeles County over the next four months. Applications for the first round of funding will open on July 6, 2020, and there will be six rounds of grant funding, as follows, with finalists notified after each round:
Round 1: July 6 - July 10
Round 2: July 20 - July 24
Round 3: August 3 - August 7
Round 4: August 17 - August 21
Round 5: August 31 - September 4
Round 6: September 14 - September 18
In addition, the Fund will deploy flexible loans and micro-loans to micro-entrepreneurs, small businesses, and nonprofits across the L.A. region in the fall of 2020.
The fund will partner with community organizations to provide free coaching and one-on-one technical assistance to all applicants seeking support before, during, and after grant and loan submission. (The grant application form is available in fifteen languages.)
The fund is administered by LISC LA, a nonprofit community development financial institution that works to build inclusive communities of opportunity across the region.
To learn more about the fund's partners, eligibility criteria, additional requirements, and/or to apply for a micro-grant or loan, see the LA Regional COVID-19 Recovery Fund website.